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Cheaper On Friday, Docket Light Next Week

BONDS

NZGBs have held their early move lower dealing in narrow ranges for the most part in today's session. Cash NZGBs sit 1-11bps cheaper across the major benchmarks, the curve has bear steepened.

  • 10 NZ US Swap Spread printed their narrowest level since early February on Thursday (+37bps) before trimming losses today to sit at +51bps.
  • RBNZ dated OIS remain stable, a terminal rate of 5.55% is seen in February with ~40bps of cuts by October 2024.
  • A reminder on the wires early in today's session was BusinessNZ Mfg PMI for October which printed at 42.5 this morning, the prior read was revised lower to 45.1. This is the lowest reading since August 2021 and marks the 8th consecutive month of contraction.
  • Looking ahead the docket is relatively light next week with Oct PSI, Food Prices and Card Spending due. Q4 PPI rounds off the docket.
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